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《大行報告》摩通:維持對周大福(01929.HK)審慎立場 評級「減持」
阿思達克 01-12 09:44
摩通發表報告,周大福(01929.HK)公布截至2021年12月31日止第三季度經營數據,內地同店銷售按年增長約11%,該行原估計為高個位數,香港及澳門同店銷售按年增長14%,該行原估計為10%。該行指,欣賞周大福在推動市場份額增長和實現強於預期的收入增長方面的堅實執行力,但管理層維持其2022財年核心營業利潤增長在11%至13%(low-teens)的指導,意味著在目前的擴張階段,收入增長難以轉化為利潤。予周大福「減持」評級,目標價13.5元。 摩通預計,市場將對周大福管理層在投資者電話會議上發出的正面信息作出積極反應,但摩通認為現時對該股轉為建設性態度為時過早。雖然近期股價出現調整,但未來一個季度可能有其他因素對股價造成壓力,對周大福保持謹慎的立場。對於正在尋找買入點的長期投資者,建議在4月或5月重新檢視該股。 報告指,1月至3月有新年、情人節、婦女節幾個節日,管理層計劃增加促銷活動以增加寶石鑲嵌首飾銷售。惟該行對促銷活動的效果感到擔憂,因為消費者的情緒仍然低迷。此外,內地近期疫情很可能會在部分地區引發某種形式的封鎖,從而拖累業績表現。
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